QB Tom Brady, Patriots agree on 3-year contract extension

Quarterback Tom Brady reached agreement with the New England Patriots on a three-year extension that will keep him under contract with the team until he is 40, SI.com's Peter King reported Monday.

The extension, which will keep him in New England through the 2017 season, is worth just $27 million over the three years. That sounds like a lot of money, but it's a lot less than a quarterback of his caliber could command in the open market.

According to the report, Brady is willing to accept less money because it will allow the Patriots to stay competitive for the next five seasons.

The extension will pay Brady a $3 million signing bonus immediately. It then calls for Brady to earn salaries of $7 million in 2015, $8 million in 2016 and $9 million in 2017.

The way the extension is structured gives the Patriots considerable cap relief.

He was due to count $43.6 million against the New England salary cap in 2013 and 2014.

But with the new deal, his salary will count just $28.6 million against the cap in the next two years.

Gronk has surgery for arm infection

Patriots tight end Rob Gronkowski underwent surgery last week for an infection in the arm that was broken twice this past season, according to a report.

The infection was in its early stages and not expected to keep him from missing extended time in training camp, ESPN reported.

Gronkowski broke his left forearm in a Nov. 18 game against Indianapolis.

After missing five games, he returned for the final regular-season game against Miami but rebroke the arm in a Jan. 13 playoff game against Houston. The procedure to treat the infection was his third surgery on the arm.

The cast from the second break had come off earlier this month and Gronkowski was hoping to return to workouts, which now will be placed on hold while he again recovers.

In 11 games during the 2012 season, Gronkowski caught 55 passes for 790 yards and 11 touchdowns, giving him 187 receptions for 2,663 yards and 38 TDs in three NFL seasons.